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EDUCATION CENTER
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Trader Tax Status
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bwclark
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stranger
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Reged: 02/06/06
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Posts: 3
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New Computer deduction
#544 - 02/06/06 05:18 PM
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I am a Futures Trader and purchased a new computer in Jan 2005, and would like to deduct the expense via Sch C using Part II, line 13, Depreciation and sec 179 expense. I would
like to use sec 179 and deduct the full amount for 2005.
If I look at Form 4562, Depreciation, Line 11, "Business income limitation" do I use the maximum dollar limitation of 105,000? If it is zero(what I get since no income as a trader) then I get no deduction, which is incorrect? What should I place on Line 11?
As a trader, I have no income other than what is reported on Sch D. So, how do I manage to show income for 4562 in order to deduct the expense of the new computer?
I did have a gain for 2005, if that helps and it is greater than all expenses on Sch C.
bwc
PS I guess the explanation is in one of your books/guides. What do I need to buy?
PSS: I downloaded the ex. tax forms from your store. I understand now how to make the transfer.
Thanks
Edited by bwclark (02/07/06 09:46 AM)
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Re: New Computer deduction
#547 - 02/13/06 03:36 PM
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Good glad you found the answer about how to do the transfer in the examples guides.
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Robert A. Green, CPA & CEO
GreenTraderTax.com
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